Intuitive Machines (LUNR): The Lunar Infrastructure Play Trading at a 36x Sales Multiple

Intuitive Machines is not just participating in the lunar economy-it is laying the foundational rails upon which that economy will be built. The company's positioning mirrors early infrastructure plays in terrestrial history: just as railroads and power grids preceded industrial expansion, LUNR is establishing the delivery, data relay, and ground network layers that any future lunar commercial activity will depend upon. The Q1 2026 results validate this infrastructure thesis with hard numbers: record revenue of $186.7 million, gross profit exceeding $30.1 million, and for the first time, positive adjusted EBITDA of $2.7 million. These are not the metrics of a speculative startup-they are the early signals of an infrastructure layer scaling into demand.